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United Nations Joint Staff Pension Fund

PRI reporting framework 2018

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You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

(C) Implementation: Integration

FI 11. Integration overview

11.1. Describe your approach to integrating ESG into traditional financial analysis.

ESG integration across the fixed income portfolio is a hybrid approach that sources multiple ESG sources and issuer information to better validate credit quality:

Internal Analysis 

  • Deal Size
  • Bond Currency
  • Bond Tenor / Time Horizon
  • Instrument Type
  • Guarantor
  • **Use of Proceeds: ESG KPI indicators for average sector credit profiles)***
  • CRA's  vs. ESG rating differential analysis relative historical fixed income performance 
  • Utilize MSCI ESG ratings across corporate (financials & non-financials) 
  • Country and sector risk (World Bank Governance Indicators)
  • Industry ESG materiality risk (MSCI ESG)
  • Corporate goverance rating (Corporate)
  • Project and operations risk (**SSA's)

11.2. Describe how your ESG integration approach is adapted to each of the different types of fixed income you invest in.

Corporate (financial)

​ESG integration across the fixed income portfolio is a hybrid approach that sources multiple ESG sources and issuer information to better validate credit quality:

 

Internal Analysis 

  • Deal Size
  • Bond Currency
  • Bond Tenor / Time Horizon
  • Instrument Type
  • Guarantor
  • **Use of Proceeds: ESG KPI indicators for average sector credit profiles)***
  • CRA's  vs. ESG rating differential analysis relative historical fixed income performance 
  • Utilize MSCI ESG ratings across corporate (financials & non-financials) 
  • Country and sector risk (World Bank Governance Indicators)
  • Industry ESG materiality risk (MSCI ESG)
  • Corporate goverance rating (Corporate)
  • Project and operations risk (**SSA's)

11.3. Additional information [OPTIONAL]


FI 12. Integration - ESG information in investment processes

12.1. Indicate how ESG information is typically used as part of your investment process.

Select all that apply
Corporate (financial)
ESG analysis is integrated into fundamental analysis
ESG analysis is integrated into security weighting decisions
ESG analysis is integrated into portfolio construction decisions
ESG analysis is a standard part of internal credit ratings or assessment
ESG analysis for issuers is a standard agenda item at investment committee meetings
ESG analysis is regularly featured in internal research notes or similar
ESG analysis is a standard feature of ongoing portfolio monitoring
ESG analysis features in all internal issuer summaries or similar documents
Other, specify

12.2. Additional information [OPTIONAL]


FI 13. Integration - E,S and G issues reviewed

13.1. Indicate the extent to which ESG issues are reviewed in your integration process.

Environment
Social
Governance
Corporate (financial)

Environmental

Social

Governance

13.2. Please provide more detail on how you review E, S and G factors in your integration process.

Corporate (financial)

Enivromental (Green Bonds):

  • Inclusive and Sustainable Development Plan 
  • Climate Change
  • Conservation of Natural Resources
  • ​Renewable Energy
  • Low Carbon Buildings & Energy Efficiency 
  • Clean Transport
  • Sustainable Land Use & Forestry
  • Sustainable Water Management 
  • Sustainable Waste Management

Social (IFC, IBRD, ADB & Soverigns):

  • SSA Social Bonds 
  • Gender Equality 
  • Assessment and management of environmental and social risks and impacts
  • Community, health, safety and security
  • Labor and working conditions 
  • Cultural heritage 
  • Land acquisition and involuntary resettlement 
  • Indigenous peoples
  • Resource efficiency and pollution prevention 

Governance:

  • World Bank Governance Indicators (WBGI)
  • Corporate goverance ratings
  • Project and operations risk
  • Country Systems

 

13.3. Additional information.[OPTIONAL]


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